There may come a time in your life when an asset search will need to be conducted on you, or on your behalf on another person and/ or business. Conducting an asset search in Michigan is probably not an everyday thought that crosses someone’s mind, but there are a few situations that could arise and would put anyone in this predicament. Here are two main reasons most people could find themselves involved in an asset search in Michigan.
The first circumstance, having been awarded a judgement in a civil litigation. Due to the relaxed restrictions in the state, an asset search in Michigan can be specifically beneficial for one reason; Debt Collection. No matter what the civil litigation was, if a person or company has either lost or won a case, one can bet that after the judgement, the assets of the entity owing the compensation will be investigated. Asset searches in Michigan are an important tool for attorneys, collection agencies, and private citizens to obtain an overall view of the entity with the debt. Whether liens are being checked on cars, boats, properties, etc. it’s important to know what is available at one’s disposal to aid in acting on the collection that has been awarded.
Looking into bringing civil litigation onto someone. On a similar scale, an asset search in the state of Michigan is something that can be conducted, prior to starting any civil litigation. Whether it’s the start of a divorce or getting prepared to determine if someone is “worth” pursuing in a lawsuit, pre-litigation work up is essential. As mentioned previously, due to the states rules and regulations an asset search in Michigan can be a powerful tool in determining if the money and resources needed to bring on a lawsuit is worth the time and effort. Keep in mind, that a large misconception to many people is that an asset search can involve bank records. In the state of Michigan, limited bank records can ONLY be obtained legally, IF a judgement has already been made, not before then.
Hopefully you now have a little more information as to how (and why) you could possibly be involved in an asset search in Michigan. If you need help determine if an asset search is needed in your situation or would like to learn more, please give us a call and let our professionals help you in this sometimes-confusing area in the investigative world.